Q3 2024 EPS Estimates for Western Midstream Partners, LP (NYSE:WES) Cut by Capital One Financial

Western Midstream Partners, LP (NYSE:WES) – Capital One Financial reduced their Q3 2024 earnings per share estimates for Western Midstream Partners in a research note issued on Thursday, August 8th. Capital One Financial analyst W. Suki now expects that the pipeline company will post earnings of $0.79 per share for the quarter, down from their prior forecast of $0.80. The consensus estimate for Western Midstream Partners’ current full-year earnings is $4.09 per share. Capital One Financial also issued estimates for Western Midstream Partners’ Q4 2024 earnings at $0.85 EPS.

Western Midstream Partners (NYSE:WES) last posted its quarterly earnings results on Wednesday, August 7th. The pipeline company reported $0.97 EPS for the quarter, beating the consensus estimate of $0.88 by $0.09. Western Midstream Partners had a net margin of 44.01% and a return on equity of 47.19%. The company had revenue of $905.63 million for the quarter, compared to analyst estimates of $904.94 million. During the same period in the prior year, the company earned $0.64 earnings per share. The firm’s revenue was up 22.7% on a year-over-year basis.

A number of other equities research analysts have also recently commented on the company. Stifel Nicolaus raised their target price on Western Midstream Partners from $39.00 to $40.00 and gave the company a “hold” rating in a research report on Friday, August 9th. Wells Fargo & Company boosted their price target on Western Midstream Partners from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 21st. Wolfe Research raised shares of Western Midstream Partners from an “underperform” rating to a “peer perform” rating in a report on Thursday, April 18th. StockNews.com downgraded Western Midstream Partners from a “strong-buy” rating to a “buy” rating in a research report on Monday. Finally, Mizuho boosted their price target on shares of Western Midstream Partners from $34.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, May 7th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Western Midstream Partners currently has a consensus rating of “Hold” and an average price target of $33.13.

Western Midstream Partners Stock Performance

WES opened at $36.59 on Monday. Western Midstream Partners has a 1 year low of $25.69 and a 1 year high of $42.80. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.68 and a quick ratio of 1.68. The firm has a fifty day moving average price of $39.77 and a 200 day moving average price of $36.15. The stock has a market cap of $13.92 billion, a P/E ratio of 10.31, a P/E/G ratio of 0.85 and a beta of 2.90.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Jennison Associates LLC boosted its holdings in Western Midstream Partners by 96.0% in the first quarter. Jennison Associates LLC now owns 1,928,179 shares of the pipeline company’s stock valued at $68,547,000 after acquiring an additional 944,494 shares during the last quarter. Kayne Anderson Capital Advisors LP raised its holdings in Western Midstream Partners by 27.4% in the first quarter. Kayne Anderson Capital Advisors LP now owns 4,165,829 shares of the pipeline company’s stock valued at $148,095,000 after buying an additional 895,715 shares during the period. BNP Paribas Financial Markets lifted its position in Western Midstream Partners by 174.3% during the first quarter. BNP Paribas Financial Markets now owns 417,302 shares of the pipeline company’s stock valued at $14,835,000 after buying an additional 265,143 shares in the last quarter. Blackstone Inc. grew its stake in Western Midstream Partners by 2.0% during the first quarter. Blackstone Inc. now owns 12,980,724 shares of the pipeline company’s stock worth $461,465,000 after buying an additional 259,928 shares during the period. Finally, Allianz Asset Management GmbH increased its position in shares of Western Midstream Partners by 28.6% in the fourth quarter. Allianz Asset Management GmbH now owns 708,256 shares of the pipeline company’s stock worth $20,724,000 after acquiring an additional 157,700 shares in the last quarter. Institutional investors and hedge funds own 42.94% of the company’s stock.

Western Midstream Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Thursday, August 1st will be given a dividend of $0.875 per share. This represents a $3.50 annualized dividend and a yield of 9.57%. The ex-dividend date of this dividend is Thursday, August 1st. Western Midstream Partners’s payout ratio is 98.59%.

About Western Midstream Partners

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water.